Client Risk Assessment Form

Client Risk Assessment Form Template for United Arab Emirates

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Key Requirements PROMPT example:

"I need a Client Risk Assessment Form for my Dubai-based fintech company that handles cryptocurrency transactions, with enhanced due diligence sections and specific focus on digital asset risk factors, compliant with UAE virtual asset regulations effective January 2025."

Document background

The Client Risk Assessment Form is a crucial compliance document required under UAE regulatory framework, specifically aligned with Federal Decree-Law No. 20 of 2018 and its implementing regulations. This document serves as a mandatory tool for regulated entities to assess, document, and manage client-related risks in accordance with UAE's risk-based approach to AML/CTF compliance. It must be completed during client onboarding and updated periodically, capturing essential information about the client's risk profile, business activities, and beneficial ownership. The form helps organizations meet their regulatory obligations while ensuring appropriate risk mitigation measures are implemented based on the client's risk classification. Used across various sectors, it forms a key component of the organization's overall risk management and compliance framework in the UAE.

Suggested Sections

1. Client Information: Basic identification details including full legal name, trade names, legal form, and registration details

2. Business Profile: Nature of business, industry sector, operational locations, and business model overview

3. Ownership Structure: Details of beneficial owners, shareholders, and control structure

4. Geographic Risk Assessment: Evaluation of jurisdictions involved in client's operations and associated risks

5. Product/Service Risk Assessment: Assessment of risks associated with products/services used by the client

6. Transaction Pattern Assessment: Expected transaction types, volumes, and frequencies

7. Customer Due Diligence Level: Determination of required CDD level (Simplified, Standard, or Enhanced)

8. Risk Scoring Matrix: Systematic evaluation of various risk factors and overall risk rating calculation

9. Final Risk Classification: Overall risk rating and justification

10. Review and Approval: Sign-off section for relevant authorities and review schedule

Optional Sections

1. Politically Exposed Persons (PEP) Screening: Additional section for checking and documenting PEP status, required when dealing with potential PEPs

2. Sanctions Screening Results: Detailed sanctions checking results, necessary for high-risk clients or international operations

3. Source of Wealth/Funds Verification: In-depth analysis of wealth sources, required for high-risk clients or large transactions

4. Industry-Specific Risk Factors: Additional risk considerations specific to certain industries (e.g., crypto, real estate, precious metals)

5. Group Structure Assessment: For complex corporate structures or multinational entities

6. Historical Risk Assessment Summary: For existing clients, showing risk rating history and significant changes

Suggested Schedules

1. Schedule A - Risk Factor Weights: Detailed breakdown of risk factor weightings and scoring methodology

2. Schedule B - Required Documentation Checklist: List of required documents based on risk level and client type

3. Schedule C - Jurisdiction Risk Classifications: List of country risk ratings and justifications

4. Schedule D - Industry Risk Classifications: Breakdown of industry sectors and their inherent risk levels

5. Appendix 1 - Red Flag Indicators: List of warning signs and suspicious activity indicators

6. Appendix 2 - Risk Assessment Update Log: Template for recording periodic reviews and updates

7. Appendix 3 - Enhanced Due Diligence Procedures: Detailed procedures for high-risk clients

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services

Insurance

Real Estate

Professional Services

Precious Metals and Stones

Cryptocurrency and Virtual Assets

Legal Services

Accounting and Auditing

Investment Management

Corporate Services

Healthcare

Retail and Wholesale Trade

Import/Export

Manufacturing

Technology and Communications

Relevant Teams

Compliance

Risk Management

Legal

Client Onboarding

Know Your Customer (KYC)

Anti-Money Laundering (AML)

Due Diligence

Regulatory Affairs

Internal Audit

Operations

Relevant Roles

Compliance Officer

Risk Manager

Money Laundering Reporting Officer (MLRO)

Deputy MLRO

Compliance Manager

Risk Assessment Specialist

Client Onboarding Manager

Due Diligence Officer

KYC Analyst

AML Specialist

Regulatory Compliance Director

Chief Risk Officer

Compliance Analyst

Senior Compliance Executive

Risk Control Officer

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